CWG Holdings Bhd (9423) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of CWG Holdings Bhd MYR 0.41, price MYR 0.14, upside +203.7%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 28, 2026.
How to read this chart
60‑month range 0.1300 MYR – 0.4600 MYR · fair‑value band 0.3100 MYR – 0.5100 MYR · the 0.1350 MYR price screens below the 0.4100 MYR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 28, 2026.
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CWG Holdings Berhad, an investment holding company, engages in the manufacture and sale of paper-based stationery and printing materials in Malaysia, Africa, the United States, Europe, Oceania, and rest of Asia. The company operates in three segments, Manufacture and Sale of Stationery and Printing Materials; Investment Holding; and Property Development.
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CWG Holdings Berhad, an investment holding company, engages in the manufacture and sale of paper-based stationery and printing materials in Malaysia, Africa, the United States, Europe, Oceania, and rest of Asia. The company operates in three segments, Manufacture and Sale of Stationery and Printing Materials; Investment Holding; and Property Development. The company supplies and distributes non-paper based stationery, gift paper, and pre-school educational materials. It also engages in the property development; and real estate activities with own or leased property and other specialised construction activities. In addition, it provides printing and other related services. The company supplies its products to hypermarket chains, bookstores, specialty stores, supermarkets, wholesalers, retailers, and multinational corporations. It also exports its products to approximately 58 countries. The company was formerly known as CWC Holdings Berhad and changed its name to CWG Holdings Berhad in January 2017. CWG Holdings Berhad was founded in 1959 and is based in Butterworth, Malaysia.
Stock analysis
CWG Holdings Bhd (9423) currently trades at 0.1350 MYR, while our model-based Fair Value estimate is 0.4100 MYR, implying the stock looks roughly 67.1% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 0.4800 MYR per share, and 22 of the 24 models we run sit above the 0.1350 MYR price.
Bear case: the Earnings-Based group reads lowest at 0.1300 MYR, and 2 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.3100 MYR (bear) to 0.5100 MYR (bull), the price of 0.1350 MYR sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 51/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
CWG Holdings Bhd reported revenue of 109M MYR in FY2025 versus 59.9M MYR in FY2021, a compound +16.0%/yr. Reported net income was 6.3M MYR in FY2025.
Key figures
Market cap 43.2M MYR (≈ $10.6M) · P/E ratio 4.5 · P/S ratio 0.26 · EPS (TTM) 0.0300 MYR · Dividend yield 3.7% · Net margin 5.8% · Return on equity 5.8% · Return on assets (EBIT) 2.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 34% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at 18% fair-value upside, at 204%, 9423 screens cheaper than that median.
Fair Value models
Bear 0.3100 MYRFair Value 0.4100 MYRBull 0.5100 MYR
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (0.0250 MYR per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.64/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+67.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.0%
Start year 2020 (pandemic). Over 10 years: +1.3% a year
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.2%
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What shareholders gained per year (last 5 years), in MYR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in MYR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−1.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−4.7%
Dividend (yield on the price)3.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−4.7% vs −17.4%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.4% → 10%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 13.9%/yr over ~7Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−9.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Malaysia: IMF forecast 2.0% a year to 2030, 1.8% from 2016 to 2025) that is about −11.4% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Paper & Paper Products · 117 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score51 · Above median
Fair Value upside+200.0% · Top 25%
Profitability
Return on equity (TTM)5.8% · Above median
Return on assets4.6% · Top 25%
Net margin (TTM)5.7% · Above median
Operating margin (TTM)1.2% · Below median
Growth and dividend
Revenue growth−33.7% · Bottom 25%
Dividend yield (TTM)3.7% · Above median
Balance sheet
Debt / equity0.13× · Below median
Valuation Multiplesvs Paper & Paper Products median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "CWG Holdings Bhd Fair Value". https://www.fairvalue-calculator.com/stock/9423
Frequently asked questions
Is CWG Holdings Bhd (9423) overvalued or undervalued?
As of Sep 28, 2026, our model estimates a fair value of 0.4100 MYR versus a price of 0.1350 MYR, about +204% upside (undervalued).
What is the fair value of 9423?
Our model-based fair value for CWG Holdings Bhd is 0.4100 MYR (as of Sep 28, 2026), built from audited fundamentals. The current price: 0.1350 MYR.
What is the quality score of 9423?
CWG Holdings Bhd has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for CWG Holdings Bhd (9423)?
Our model-based price target is the fair value of 0.4100 MYR (as of Sep 28, 2026) from 24 valuation models. Cautious scenario 0.3100 MYR, optimistic scenario 0.5100 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the CWG Holdings Bhd stock forecast for 2026?
Our models put fair value at 0.4100 MYR, about +204% upside versus a price of 0.1350 MYR (undervalued). Cautious scenario 0.3100 MYR, optimistic scenario 0.5100 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of CWG Holdings Bhd (9423)?
CWG Holdings Bhd reported trailing-twelve-month revenue of about 136M MYR (latest available figure, as of Sep 28, 2026).
Does CWG Holdings Bhd pay a dividend?
CWG Holdings Bhd currently shows a dividend yield of about 3.70% relative to its recent price (as of Sep 28, 2026).
What growth is priced into CWG Holdings Bhd (9423)?
For today's price to be fair in a discounted-cash-flow model, CWG Holdings Bhd would have to grow free cash flow by -9.7 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.0 % per year. As of Sep 28, 2026.
What discount rate (WACC) does the fair value of 9423 use?
Our models discount CWG Holdings Bhd at 9.7 %: a base by market capitalisation (nano), damped by beta 0.23, country premium for Malaysia. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For CWG Holdings Bhd that is -9.7 % per year a year over ten years, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has CWG Holdings Bhd (9423) delivered so far?
Over the past 5 years revenue at CWG Holdings Bhd grew +5.0 % a year. The price currently implies -9.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of CWG Holdings Bhd (9423) growing?
The median revenue growth in the sector is +8.0 % a year. That is the yardstick for the growth priced into CWG Holdings Bhd (-9.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of CWG Holdings Bhd (9423)?
The free-cash-flow yield on the price is 15.92 %: that much free cash flow CWG Holdings Bhd produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of CWG Holdings Bhd (9423)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CWG Holdings Bhd it is 0.4100 MYR per share (as of Sep 28, 2026), against a price of 0.1350 MYR. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is CWG Holdings Bhd stock overvalued or undervalued in 2026?
As of Sep 28, 2026, 9423 trades below its calculated fair value: price 0.1350 MYR, fair value 0.4100 MYR, a gap of about +204% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 9423?
No. The price is what the market pays today (0.1350 MYR); the fair value is what the company's own numbers justify (0.4100 MYR). For CWG Holdings Bhd the two are 0.2750 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is CWG Holdings Bhd worth?
The market values CWG Holdings Bhd at about 43.2M MYR (market capitalisation, as of Sep 28, 2026). Per share that is 0.1350 MYR; our models calculate a fair value of 0.4100 MYR per share.
What do the bullish and bearish scenarios say about 9423?
Our models span a range for CWG Holdings Bhd: cautious scenario 0.3100 MYR, base 0.4100 MYR, optimistic 0.5100 MYR per share (as of Sep 28, 2026, price 0.1350 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 9423?
CWG Holdings Bhd trades at a price-to-earnings ratio of 4.5 (as of Sep 28, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.4100 MYR is built from several models across several years. Other multiples: P/B 0.3, P/S 0.3, EV/EBITDA 2.2.
How solid is the balance sheet of CWG Holdings Bhd (9423)?
Balance-sheet figures for CWG Holdings Bhd (as of Sep 28, 2026): return on equity 5.8%, debt of 0.13 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is 9423 from its 52-week high?
CWG Holdings Bhd trades at 0.1350 MYR, about 34% below its 52-week high of 0.2050 MYR and 4% above the low of 0.1300 MYR (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of 0.4100 MYR is for.
Which stocks are comparable to CWG Holdings Bhd?
From the same area (Basic Materials) we also value UPM-Kymmene Oyj, Shandong Sunpaper Co, Nine Dragons Paper (Holdings) Limited, The Navigator Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is CWG Holdings Bhd stock attractive at the current price?
The data as of Sep 28, 2026: price 0.1350 MYR, calculated fair value 0.4100 MYR (+204%), Quality Score 51/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 9423 calculated?
We run CWG Holdings Bhd through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 0.4100 MYR, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. CWG Holdings Bhd currently trades 67 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of CWG Holdings Bhd (9423)?
The closing price on Oct 2, 2026 was 0.1350 MYR. Our model-based fair value is 0.4100 MYR, about +204% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CWG Holdings Bhd right now?
The price is below even our cautious bear case (0.3100 MYR). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (51/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of CWG Holdings Bhd
How large is the market capitalisation of CWG Holdings Bhd (9423)?
The market capitalisation of CWG Holdings Bhd is 43.2M MYR (≈ $10.6M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of CWG Holdings Bhd (9423)?
The price-to-sales ratio of CWG Holdings Bhd is 0.26 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of CWG Holdings Bhd (9423)?
Earnings per share at CWG Holdings Bhd are 0.0300 MYR (price ÷ EPS = P/E 4.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of CWG Holdings Bhd (9423)?
The dividend yield of CWG Holdings Bhd is 3.7% (payout 16.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of CWG Holdings Bhd (9423)?
The net margin of CWG Holdings Bhd is 5.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of CWG Holdings Bhd (9423)?
The return on equity (ROE) of CWG Holdings Bhd is 5.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of CWG Holdings Bhd (9423)?
On an EBIT basis the return on assets of CWG Holdings Bhd is 2.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of CWG Holdings Bhd (9423)?
The operating margin of CWG Holdings Bhd is 1.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CWG Holdings Bhd (9423)?
Revenue at CWG Holdings Bhd is growing −33.7% versus a year earlier (3y avg +16.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at CWG Holdings Bhd (9423)?
Earnings per share at CWG Holdings Bhd are growing +41.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does CWG Holdings Bhd (9423) carry?
The net debt of CWG Holdings Bhd is 12.2M MYR (fiscal year 2022, ≈ 2.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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